Sean “Diddy” Combs Sells Majority Stake In Media Company Revolt Amid Legal Troubles
Sean “Diddy” Combs has officially sold his majority stake in Revolt, the media company he founded. This move marks a significant shift for the hip-hop mogul, who has been embroiled in several lawsuits.
Detavio Samuels, CEO of Revolt, announced the separation, stating, “One hundred percent of Sean Combs’ shares have been redeemed and retired. He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other.”
The decision to part ways began in January, following a series of lawsuits against Diddy. Despite the change in ownership, Revolt will continue to be Black-owned and operated, with employees now being the company’s largest shareholders. “As the company continues to pioneer a new era of entertainment that empowers creators and establishes a new media model, this transformative structure ensures that the employees who are driving the company’s growth also have the opportunity to benefit from its success,” the company stated.
Revolt, co-founded by Diddy and Andy Schuon in 2013, focuses on music and culture. However, in November 2023, the rapper stepped down as chairman, with the company emphasizing its commitment to creating meaningful content for Black communities.
In a statement announcing that Diddy would cease being its chairman, the company said in a statement, “While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora.”
Since stepping down, Diddy has faced a slew of legal issues. He has been named in eight civil lawsuits, with allegations ranging from sexual assault and harassment to sex trafficking. The most notable lawsuit was filed by his ex-girlfriend Cassie, who accused him of rape and sex trafficking over a decade-long abusive relationship. Diddy’s lawyer has denied these allegations, calling them “offensive and outrageous.
